European market

The decline of the euro against the dollar, currently evolving between 1.1550 and 1.1600, constitutes a factor of support for EU grain prices. However, the latter showed a decline yesterday. Western European exporters remain focused on the price levels offered by the other available origins and seek to maintain their attractiveness, in a context of strong competition on the international market due to abundant volumes. 
The return of prices to levels close to recent lows nevertheless arouses interest from some importing countries, eager to secure their supplies. Thus, in soft wheat, Saudi Arabia announced a new purchase of about 500,000 tons for deliveries scheduled for the second quarter of 2026. In durum wheat, Algeria yesterday launched a call for tenders for loads spread between November and December.
On Euronext, the December 2025 wheat contract closed the session at €189/t, while the price gap with more distant maturities is currently tending to narrow. In fact, the November 2025 contract is back below € 184 /t, a few days before the closing of the options associated with it.
On the oilseeds side, the firmness of sunflower oils is confirmed, driven by the prospects of lower production, which provides support to other markets. Rapeseed prices partially compensated for the decline of the previous day, approaching the threshold of €470 / t, which currently constitutes a technical resistance. European operators will be attentive today to the reopening of the Canadian canola market, which remained closed yesterday.

American market

Wheat prices in Chicago recorded a new decline yesterday, both for SRW and HRW. These two wheat contracts are reaching new campaign lows. The December 2025 contract is now trading below $5/bu for SRW quality and below $4.80/bu for HRW quality. The slight appreciation of the dollar, combined with the confirmation of an important availability of wheat for the current campaign, especially in Russia and soon in the Southern Hemisphere, weighs on the American market. The return to such price levels recalls the prices observed at the beginning of summer 2020.
Corn prices also declined in Chicago, continuing their downward retracement movement. This decline brings prices back to the lowest levels negotiated at the beginning of the month. The December 2025 contract returns to test the $ 4.10/bu zone. The harvest in the United States continues, in this period of "shutdown", unofficial figures suggest that a little more than 55% of the surfaces remain to be harvested.
The soybean harvest is also progressing, with about 40% of the areas still to be harvested in the USA. The ongoing negotiations between China and the United States continue to animate the soybean market. The export potential of the USA strongly depends on the outcome of these discussions with China. After tense exchanges at the end of last week, the more moderate comments at the beginning of the week help to calm the situation. This allows soybean prices to stabilize, after the violent pullback recorded last Friday.

Black Sea market

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